Stephen Miran, a Federal Reserve governor whose term ends at the end of January, said Thursday that he is looking for 150 basis points of interest-rate cuts this year to boost the U.S. labor market. Miran told Bloomberg Television's Surveillance program that Fed officials had room to further reduce rates given his view that underlying inflation was likely running at 2.3%. "I'm looking for about a point and a half of cuts. A lot of that is driven by my view of inflation," Miran said. "Underlying inflation is running within noise of our target, and that's a good indication of where overall...
Gold prices edged higher and held around $4,210 per troy ounce in early Asian trading on Thursday morning. This increase occurred amid sentiment that the Federal Reserve (The Fed) is likely to cut interest rates at its meeting next week. Although the increase was not significant, gold's ability to hold above the $4,200 level indicates that buying interest remains strong. The main trigger for gold's rally came from weaker-than-expected US private sector employment data. The ADP report showed that US private payrolls fell by 32,000 in November, reversing from the 47,000 increase in the...
Oil prices edged higher and remained in the green in recent trading, as market participants weighed the chances of a ceasefire in Ukraine and escalating tensions between the United States and Venezuela. WTI oil hovered near $59 per barrel after gaining about 0.5% in the previous session, while Brent closed slightly higher, just above $62 per barrel. US President Donald Trump said the meeting between his envoy and Russian President Vladimir Putin went "quite well," but he admitted he did not yet know the final outcome of the peace talks to end the Russia-Ukraine war. The oil market is...
Silver held steady near a record high on Thursday, hovering around $58.50 per troy ounce, just under a dollar shy of its all-time high of $58.97 reached the previous day. The metal has risen for eight consecutive days, supported by speculation about tight supplies and hopes for lower US interest rates, which typically benefit precious metals as they are interest-free. Silver's gains strengthened after ADP employment data showed US companies cut their workforce in November by the largest amount since early 2023. This data added to concerns about a weakening labor market and reinforced the...
Oil prices rose on Wednesday (December 3) after the US and Russia failed to reach a deal to end the war in Ukraine that would have eased sanctions on Moscow's oil sector, although gains were tempered by concerns about oversupply. Brent crude closed up 22 cents, or 0.4%, at $62.67, while U.S. West Texas Intermediate crude rose 31 cents, or 0.5%, to $58.95. Both contracts fell more than 1% in the previous session. U.S. crude, gasoline, and distillate stocks rose last week, the Energy Information Administration (EIA) said on Wednesday, adding to concerns about oversupply. Crude inventories...
Gold prices held steady on Wednesday (December 3), boosted by weak private payrolls data that reinforced expectations of a US interest rate cut next week, while silver hit a new record high. Spot gold was little changed at $4,202.06 an ounce at 2:03 PM ET (19:03 GMT), after hitting a session high of $4,241.29 earlier in the session. U.S. gold futures for February delivery closed 0.3% higher at $4,232.50. Silver held steady after hitting a record high of $58.98 earlier in the session. "The ADP data miss this morning, coupled with silver hitting an all-time high overnight," is supporting...
Bank of Japan (BOJ) Governor Kazuo Ueda stated that achieving 2% inflation is getting closer, although real inflation remains low. Ueda emphasized that the BOJ will continue to raise interest rates...
The Reserve Bank of Australia (RBA) maintained its cash rate at 4.1% during its April meeting, holding borrowing costs unchanged after slashing 25 bps in the February meeting, aligning with market...